econ203 spring 1 2023 draft syllabus

General Information

Catalog Description

This course teaches the fundamental parts of an economy and the factors that affect individual economic choices. Topics include consumer theory, producer theory, behavior of firms, market equilibrium, competition, international trade and the role of governments in the economy. Students will be introduced to methods economists use in economic analysis and research. Throughout the course, students will be encouraged to relate issues in economics to their own lives and the operations of businesses of different sizes and market structures.

Course Overview  

In this course we shall examine the meaning of the term “Economics” and the different fields of the subject. Starting with the individual level of a consumer and a producer, we shall learn about the factors that affect their decisions and how the decisions of all consumers and producers collectively interact to determine market outcomes.

We will also analyze the effect on buyers and sellers of different structures of markets, depending on the degree of competitiveness in markets. Based on this, we will discuss ideas related to the need for and impact of government policies that target lack of competitiveness and other areas of concern for an economy. Finally, we shall examine the motivations for international trade and policies that are often used to address the problems that it may give rise to.

A semester-long project that incorporates and applies concepts related to consumers’ and producers’ decisions, market structure, government policies and international trade will serve to relate these ideas to the decisions and operations of a real business that you choose to study.

Prerequisite: Statistics MATH 103

Prerequisite or corequisite: College Algebra & Trigonometry MATH 120

Credits/Contact hours: 3/3

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